Condo sales up whopping 41 per cent in August

September 26. 2005

Toronto-New home sales in the Greater Toronto Area were up 18 per cent in August on the strength of a whopping 41 per cent increase in high-rise condominium apartment sales and a more modest yet healthy 7 per cent increase in low-rise (single-detached, semi-detached and townhomes) new home sales.

The new home sales figures were prepared for the GTHBA by RealNet Canada Inc.

“Forty seems to be the magic number for the condominium market,” observed Julie Di Lorenzo, president of the Greater Toronto Home Builders’ Association. “August condo sales were up 40 percent while year-to-date condo sales are also up 40 per cent. Meanwhile 40 per cent (or 4 of out every 10) of new home sales in August and through the first eight months of this year were condos.”

“The condo market was recently described as a ‘juggernaut’, a very apt description given the current breakneck pace of sales which will see more condos sold this year than in any year prior,” said Di Lorenzo.

The GTA new home price index increased slightly to $387,730 for low-rise homes and decreased slightly to $283,716 for high-rise apartments.

The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, as calculated by RealNet Canada Inc., the GTHBA’s independent source of new home market information.

The new home price index is based on currently available new home offerings, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury product across the GTA.

The top five municipalities in the GTA for July were Toronto, 1,076; Brampton, 514; Markham, 272; Vaughan, 266 and Mississauga, 235.

With more than 1,300 members, the GTHBA is the voice of the residential construction industry in the Greater Toronto Area. Established in 1921, the association is comprised of land developers, home builders, professional renovation contractors, sub-contractors, suppliers, service, professional and financial firms. We are proudly affiliated with the Ontario and Canadian Home Builders’ Associations.